What is a 1099-S Form?

IRS Form 1099-S - A Complete Overview

Updated on February 12, 2024 - 10:30 AM by Admin, TaxBandits

The IRS Form 1099-S is a part of the 1099 Series of forms. This series of IRS tax forms is used to report a variety of different non-payroll payments. When it comes to the Form 1099-S, there are specific filing requirements. Keep reading for a thorough overview to file Form 1099-S.

In this article, we cover the following topics:

1. What is Form 1099-S?

According to the IRS, Form 1099-S is used to report proceeds from real estate transactions, this includes both sales and exchanges of property. This includes sales or exchanges related to improved or unimproved land (including air space); permanent structures that are commercial, residential, or industrial in nature; condominium units, stock in cooperative housing corporations, and non-contingent interest in standing lumber.

2. Who needs to file Form 1099-S?

The individual that closed the transaction is generally required to file Form 1099-S, but this is not always the case. There are some exceptions and alternate circumstances. For example, if a designation agreement was drafted and entered into, this agreement determines who must file Form 1099-S. When there are multiple transferors involved in the closing process, each one will need to file a separate 1099-S.

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3. What information must be reported on Form 1099-S?

There is a series of specific information that must be provided on Form 1099-S. This includes, but is not limited to the closing date of the transaction, the gross proceeds, and the address of the property. The individual filing Form 1099-S will also need to indicate if the transferor is a foreign person and enter the buyer’s part of the real estate tax.

4. What is the deadline to file Form 1099-S?

The Form 1099-S deadline to file with the IRS is no later than April 1, 2024. In addition to filing with the IRS, a recipient copy must be provided to the transferors. The deadline to distribute copies of Form 1099-S is February 15, 2024.

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5. Advantages of E-filing Form 1099-S with TaxBandits

There are several compelling advantages to E-filing your Form 1099-S with TaxBandits. Firstly, the process is incredibly straightforward, enabling you to swiftly submit your 1099-S in three simple steps.

Additionally, TaxBandits offers a user-friendly and intuitive e-filing procedure, guaranteeing accurate submissions through the utilization of their internal audit and TIN matching capabilities. With the bulk templates feature, you can conveniently file multiple returns and distribute recipient copies seamlessly via postal mail or a secure online portal.

For tax professionals managing multiple clients during the tax season, TaxBandits provides a collaborative platform that streamlines and simplifies the e-filing process, making it easier to handle submissions on behalf of various clients.

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